European Central Bank executive board member Piero Cipollone said the digital euro is being designed to deliver the highest level of privacy that current technology can provide. He said offline payments would be visible only to the two parties involved, while in online transactions the ECB system would not be able to identify either side. In those cases, only the relevant banks would have access to information, and only for anti-money laundering compliance. Cipollone also outlined the project timeline. The European Parliament set its negotiating position in July, with a goal of reaching an agreement by the end of 2026. The ECB has selected 36 payment providers to take part in a pilot scheduled for the second half of 2027, and a first issuance is expected in 2029. The report added that Cipollone has previously warned that the growth of stablecoins could erode retail deposits at European banks, a stance that contrasts with the U.S. position of banning CBDCs, according to Decrypt.
According to Techub News, European Central Bank executive board member Piero Cipollone said the digital euro will provide the highest level of privacy current technology can achieve.
He said offline payments would be visible only to the two transacting parties. In online payments, the ECB system would not be able to identify the parties involved, while the relevant banks would be able to access information solely for anti-money laundering compliance.
Digital euro timeline
Cipollone said the European Parliament set its negotiating position in July, with the aim of reaching an agreement by the end of 2026. The ECB has also selected 36 payment providers to participate in a pilot set to begin in the second half of 2027, with a first issuance expected in 2029.
Contrast with the U.S. stance
The report said that, unlike the U.S. position of banning CBDCs, Cipollone had previously warned that the growth of stablecoins would erode retail deposits at European banks.
The item cited Decrypt as the source.
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